BoI targets viable businesses for funding
The Bank of Industry has said it would intensify efforts to end recession in 2017 by providing funding for viable businesses that would create massive employment and stimulate the economy.
Acting Managing Director of the bank, Mr. Waheed Olagunju said this in an interview with journalists in Offa, Kwara State. Olagunju also assured that the financial institution was still working in line with its five year plan adopted in 2014 which earmarked N310 billon for SMEs explaining that it was still committed to its funding measures and programmes. He explained that within this time frame, economic recession would recede, as indications so far based on the funds disbursed have shown impressive improvements in the expansion of SMEs businesses across the length and breadth of the country.
FG to spend N12bn on agric value chain development
The Federal Government is proposing to spend a total of N12 billion for the promotion and development of the value chain of some specific crops in 2017, according to the breakdown of the proposed budgetary allocation for the agricultural sector seen by BusinessDay.
Afrixembank To Support African Trade
The African Export-Import Bank (Afreximbank) has announced the inception of new five-year strategic plan that will see the African continental trade finance institution disburse no less than $90 billion in support of African trade between 2017 and 2021.
The African Export-Import Bank (Afreximbank) said on Wednesday it would disburse no less than $90 billion in support of African trade between 2017 and 2021. The plan, dubbed “IMPACT 2021: Africa Transformed”, was approved by the Afreximbank Board of Directors during its 111th meeting which took place in Cairo on 10 December 2016.
The new plan envisages an aggregate disbursement of some $90 billion during the five-year period, reflecting the revolving nature of trade finance business, with disbursements in support of intra-African trade expected to reach $25 billion. The strategy defines intra-African trade as trade in goods and services between or among African countries and the flow of goods and services between Africa and Africans in the Diaspora.
“The approval of Impact 2021 paves the way for Afreximbank to begin to more directly address the imperatives of its mandate,” said Bank President Dr. Benedict Oramah in welcoming the approval of the strategic plan. “Africa will be better for it.”
AfDB, NIRSAL partner on $300m youth agriculture project
Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has disclosed that the Africa Development (ADB) is investing about $300m on a project called ‘Youth Enable’ that will create a successor farmer generation to replace the ageing ones.
The Managing Director and Chief Executive Officer, NIRSAL, Aliyu Abdulhameed, disclosed this yesterday, at the Nigeria Economic Outlook Conference (NEOC) 2017, held in Lagos.
Due to the way it is being practiced, Nigerian youths are not attracted to farming and would rather migrate to the cities to look for greener pastures, even if they remained unemployed for years.
The mass exodus of youths from the rural to urban areas compounds development challenges in terms of infrastructure provision and job creation opportunities, thus leading to high rate of crimes and criminal activities among the youths.
The objective of the Youth Enable project is to boost economic diversification and create business opportunities and employable skills for young women and men along priority agriculture value chains of various enterprises, including aquaculture, crops farming, marketing, processing and a host of others.
United Capital, Societe Generale, Orange, others support African SMEs with €77m
United Capital Plc, a leading African investment banking group, has partnered with global financial and corporate institutions to set up a Franco-African Investment Fund (FFA), with investible funds of 77 million euro.
The aim of the fund is to accelerate the growth of innovative and entrepreneurial African and French small and medium scale enterprises (SMEs) with development projects on both continents.
It is the first cross border investment fund dedicated to the development of African and French SMEs, and will have a lifespan of 10 years. Beyond financial performance, particular attention will be paid to the positive impact of the Fund’s investments in terms of governance, transparency, job creation, and respect for social and environmental values.
Police microfinance bank urges arrest of loan defaulters
The Nigerian Police Force (NPF) Micro-Finance Bank has directed that policemen be deployed in recovering all loans granted to defaulters by the bank, in order to keep the financial institution viable.
Although the management of the Bank expressed satisfaction over the loan repayment by some customers but pointed out that the outstanding loans should be recovered from defaulters through the intensive effort of the Police.
The Company Secretary, Mrs. Osaro Idemudia, who represented the Managing
Director at a Customer Forum said the Bank made this possible to serve as a platform for interaction between the customers and to chart a way forward in serving them better.
Idemudia pledged to look into ways of assisting the teeming customers of the Bank to excel, just as “the management will do more by looking into their complaints.”
FG and Shelter Afrique sign N610bn MoU to Construct 100,000 housing Units
The Federal Government on Thursday signed a Memorandum of Understanding with Shelter Afrique and the Real Estate Developers Association of Nigeria for the construction of about 100,000 housing units across the country for N610bn.
It stated that a total of $200m would be used for the construction of about 10,000 houses nationwide on a yearly basis and that the project would be over 10 years.
This makes it a total 100,000 housing, units which will gulp $2bn (N610bn at the official exchange rate of N305 to a dollar) for the 10-year period.
The Federal Mortgage Bank of Nigeria disbursed N5.4bn to 736 in 2016
The Federal Mortgage Bank of Nigeria (FMBN) says it disbursed S58;5,478,253,440.03 in 2016, as mortgage loans through Primary Mortgage Banks (PMBs), to 736 beneficiaries who are contributors of the National Housing Fund NHF.
Acting Managing Director/Chief Executive of FMBN, Mr. Richard Esin, who disclosed this at a recent meeting with the Chairman, House Committee on Housing in Abuja, said within the same period, the bank also refunded the sum of N2,722,302,273.57 to 22,716 to contributors who were eligible for refund due to retirement.
Mr. Esin revealed that FMBN was once again toeing the path of profitability, as recorded in the 3rd and 4th quarter Management Accounts of 2016, and that significant progress was made towards the automation of its processes which would aid confirmation and verification of individual contributions and also allow for seamless refunds to qualified applicants and prompt processing of loan applications.